President Humala urges Spanish SMEs to invest in Peru

Peruvian President Ollanta Humala encouraged Spanish businessmen, especially small and medium-sized companies, to invest in the country as part of his two-day state visit in Spain.

There are already 300 [Spanish] small and medium-sized enterprises (SMEs) in Peru, and “I call on the remaining SMEs to come, the way large Spanish companies did,” Humala said during a forum with Spanish entrepreneurs, in which he highlighted the country’s legal security and stability.

“Peru is consolidated as a nation that inspires confidence and predictability, that is, we do what we commit to,” the Peruvian leader affirmed at the venue of the Spanish Confederation of Employers' Organizations (CEOE).

"Spain is Peru’s leading investor with a cumulative investment of almost €4.5 billion," the President of the Spanish Confederation of Small and Medium-sized Enterprises (Cepyme) Antonio Garamendi stated at the said forum.

Investments are mainly targeted at, among others, telecommunications, energy, finance and hydrocarbons sectors.

“Peru has a stable, low-inflation economy; we have a low level of debt at less than 18% and the country’s gross and net debt does not even reach 5% of GDP,” Mr. Humala said.

“We lead the growth across Latin American: Peru is estimated to expand by more than 3%, while Latin America average rate must be around 0.9%,” the Peruvian President added as he recalled the strong public investment made in infrastructure projects such as roads and structures requiring electricity and gas, among others.

Spanish businessmen asked Humala to move forward towards the agreement to avoid double taxation when investing in the South American nation.

The President expressed his agreement by saying: “We have sent a proposal to the Spanish government and we are waiting for the response.”

“I express my hope that this problem will be solved,” he continued.

The Peruvian Head of State and King Felipe VI met again after noon to have lunch at Zarzuela Palace, the Royals’ official residence. 

On Wednesday, Humala will take part in a forum along with businessmen, to be organized by Grupo Prisa, -publisher of El Pais daily- and will then meet with Spanish Prime Minister Mariano Rajoy.